Armstrong World Industries (NYSE:AWI) Sets New 12-Month High After Better-Than-Expected Earnings

Armstrong World Industries, Inc. (NYSE:AWI)’s stock price hit a new 52-week high during mid-day trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $143.07 and last traded at $142.34, with a volume of 65393 shares trading hands. The stock had previously closed at $140.00.

The construction company reported $1.81 EPS for the quarter, beating analysts’ consensus estimates of $1.75 by $0.06. The business had revenue of $386.60 million for the quarter, compared to analyst estimates of $386.69 million. Armstrong World Industries had a net margin of 17.92% and a return on equity of 41.53%. Armstrong World Industries’s quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.60 EPS.

Armstrong World Industries Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th will be paid a dividend of $0.308 per share. The ex-dividend date is Thursday, November 7th. This represents a $1.23 dividend on an annualized basis and a dividend yield of 0.88%. This is a positive change from Armstrong World Industries’s previous quarterly dividend of $0.28. Armstrong World Industries’s dividend payout ratio (DPR) is 23.12%.

Analysts Set New Price Targets

A number of brokerages have commented on AWI. Jefferies Financial Group upped their price objective on Armstrong World Industries from $121.00 to $122.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Evercore ISI raised their price target on shares of Armstrong World Industries from $127.00 to $140.00 and gave the stock an “in-line” rating in a research report on Wednesday. UBS Group boosted their price objective on shares of Armstrong World Industries from $136.00 to $144.00 and gave the company a “neutral” rating in a report on Wednesday. Loop Capital raised their target price on shares of Armstrong World Industries from $135.00 to $145.00 and gave the stock a “hold” rating in a report on Wednesday. Finally, Truist Financial boosted their price target on Armstrong World Industries from $148.00 to $162.00 and gave the company a “buy” rating in a research note on Wednesday. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $140.83.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC acquired a new stake in shares of Armstrong World Industries in the 1st quarter valued at $27,000. V Square Quantitative Management LLC acquired a new stake in Armstrong World Industries in the third quarter valued at about $31,000. UMB Bank n.a. grew its position in Armstrong World Industries by 53.7% in the third quarter. UMB Bank n.a. now owns 438 shares of the construction company’s stock valued at $58,000 after acquiring an additional 153 shares during the last quarter. First Horizon Advisors Inc. raised its stake in Armstrong World Industries by 33.0% during the second quarter. First Horizon Advisors Inc. now owns 504 shares of the construction company’s stock worth $57,000 after acquiring an additional 125 shares in the last quarter. Finally, Covestor Ltd lifted its holdings in shares of Armstrong World Industries by 20.4% in the first quarter. Covestor Ltd now owns 596 shares of the construction company’s stock worth $74,000 after acquiring an additional 101 shares during the last quarter. 98.93% of the stock is owned by institutional investors.

Armstrong World Industries Trading Down 0.6 %

The company has a market capitalization of $6.11 billion, a price-to-earnings ratio of 26.23, a P/E/G ratio of 1.92 and a beta of 1.14. The company has a current ratio of 1.76, a quick ratio of 1.19 and a debt-to-equity ratio of 0.97. The business’s 50 day moving average price is $131.62 and its two-hundred day moving average price is $122.52.

Armstrong World Industries Company Profile

Armstrong World Industries, Inc, together with its subsidiaries, engages in the design, manufacture, and sale of ceiling and wall solutions in the Americas. It operates through Mineral Fiber and Architectural Specialties segments. The company offers mineral fiber, fiberglass wool, metal, wood, felt, wood fiber, and glass-reinforced-gypsum; ceiling component products, such as ceiling perimeters and trims, as well as grid products that support drywall ceiling systems; ceilings, walls, and facades for use in commercial settings; and manufactures ceiling suspension system (grid) products.